Former Minister of Agriculture and NPP flagbearer aspirant, Bryan Acheampong, has tackled former COCOBOD CEO, Joseph Boahen Aidoo, for his mismanagement.
Bryan Acheampong has come under fire for claiming credit for a COCOBOD policy he is said to have fiercely opposed while serving as Agric Minister.
Speaking on Adom TV Dwaso Nsem, Bryan Acheampong and Joseph Boahen Aidoo engaged in a heated back-and-forth.
Dr Acheampong stated, “The government takes credit, the president takes credit, and then we move on, but to come and say that the minister disagreed on a certain aspect of the policy and therefore the minister cannot take credit for it can only be politics, and I put to him today that it is because of where he stands on these political primaries that is why he coming out to say this.
It is disingenuous for you to come out and discredit me. Look at what you did to COCOBOD. We will come there as we go along”.
However, Dr Aidoo stated, “The point is that if you say the whole syndicated loans were your idea. Didn’t you oppose it?”
According to Bryan Acheampong, he opposed certain aspects of the COCOBOD syndicated loans, but in the end championed the full policy.
Dr Acheampong further added, “Even if it came to mind, it will be discussed, people will agree, people will disagree, but you cannot take the content of the meeting and my position on certain aspects in the meeting, it is so unfair as a subordinate.
The argument stems from a circulated video address of Dr Acheampong, while speaking with the media in the Eastern Region, claimed full credit for syndicated loans abolishment.
Dr. Bryan Acheampong, “If you remember two weeks ago, Kudacost Multimedia announced that COCOBOD had received four billion dollars in deposits. Do you know who caused it? Bryan! When I went to the Ministry of Agriculture, Cocoa Board told me that since 1947, we had always gone for syndication—two billion dollars, and it’s a big deal. But underneath that, we were paying 5%, 6%, sometimes 10% interest. You get two billion and end up paying 200 million dollars in interest.
“I said no. We have our cocoa, and you want to buy our cocoa, but I should go and take a loan, pay interest, then supply you, and you pay the bank? Is the bank for us? I cancelled syndication. At Cabinet, everybody thought I was on something strong, but President Akufo-Addo took a chance on my decision and supported me. For the first time in 2024, we did not do syndication.
“My strategy was simple: if you want cocoa from Ghana, bring your money. We will buy the cocoa and supply you. I will not take a loan, buy cocoa, supply you, and pay interest. Simple! Common sense, Kwahu business calculation. That’s how I cancelled syndication, and nobody is talking about it. Today, cocoa money is depositing, and we are even earning interest on it. That’s the difference. That’s the kind of bold ideas I bring.”
In a rebuttal, Mr Aidoo refuted Dr Acheampong’s recent public posturing as a shameful attempt to arrogate glory to himself for a reform he never believed in.
According to Mr Aidoo, the decision to end Ghana’s 32-year dependence on syndicated offshore loans and adopt a self-financing model was his brainchild.
The former COCOBOD CEO revealed he championed it alongside his management team and COCOBOD’s board, with support from President Akufo-Addo and Dr Mahamudu Bawumia.
Mr Aidoo stated, “Bryan vehemently opposed the policy from the very beginning. He was the only dissenting voice when the matter went before the Economic Management Team. For him to now parade himself as the architect of the policy is not only dishonest but disrespectful to those who truly birthed and defended it”.
“These achievements belong to those who had the vision and courage to fight for them in the face of stiff resistance. Honour must go where it is due—not to those who shamelessly plagiarise intellectual property or rewrite history to suit their ambition,” the former COCOBOD added.
Meanwhile, the World Bank has revealed that Ghana’s cocoa sector is facing serious threats due to the Ghana Cocoa Board (COCOBOD)’s persistent operational and fiscal challenges.
The World Bank asserted that COCOBOD’s quasi-fiscal operations have heightened financial risks.
Also, Dr Randy Abbey, the Chief Executive Officer of the Ghana Cocoa Board (COCOBOD), has revealed that COCOBOD is drowning in a GH¢33 billion debt.
According to Randy Abbey, the state cocoa regulator is constantly under pressure from creditors, agrochemical suppliers, banks, and legal entities.
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